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LONDON (Reuters) - Britain's economy did not suffer a double-dip recession after all, but its recession immediately after the financial crisis was deeper than previously thought. Revised data showed that Britain's economy did not shrink in the first three months of 2012, and output was instead flat, the Office for National Statistics said following a major annual revision of Britain's economic data.

James Altucher submits:The first article I read this morning, (at 3:56am, my early morning, pre-coffee, article read before catching a 4:40am train), started off with: "Stocks are likely to face another choppy, downtrodden week, but that's no big surprise". Man, someone is depressed. But it's not just that article writer, everyone really is depressed. Things are ugly out there.

US Treasury Secretary Timothy Geithner dismissed fears of a double dip recession in an interview aired Sunday, but warned of a slow US recovery with the economy only gradually gaining strength.Geithner was asked on NBC's "Meet the Press" whether he thought the economy would dip back into recession before things got better."No, I don't," he answered."I think the most likely thing is, you see an economy that gradually strengthens -- over the next year or two. You see job growth start to come back again," Geithner said.

The US economy is not headed for a double dip recession but should gradually strengthen over the next year or two, US Treasury Secretary Timothy Geithner said in an interview aired Sunday.Geithner was asked on NBC's "Meet the Press whether he thought the economy would dip back into recession before things got getter."No, I don't," Geithner answered.